3M (NYSE:MMM) has traveled to Israel to find its latest asset buy. The company announced that its 3M New Ventures unit has made an equity investment in TaKaDu, an Israel-based water networks monitoring services provider. The terms of the deal were not made public, nor did 3M reveal how large its investment is.
In the press release heralding the news, 3M said the smaller firm will be a good fit with one of its business units. It quoted Stefan Gabriel, president of 3M New Ventures, as saying that his company's "Electrical Markets Division is well positioned to leverage this investment by pairing TaKaDu's software offering with our existing water pipe rehabilitation solutions."
TaKaDu's offering is a software-as-a-service solution. According to the Israeli firm's website, the product "is easy to deploy, requiring no network changes, additional devices or capital expenditure."
Fool contributor Eric Volkman has no position in 3M. The Motley Fool recommends 3M. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.